The New Nation - Internet Edition

Bangladesh-Jordan jt venture co to invest $7.162m in KEPZ

BUSINESS REPORT

Messrs Orchid Towels (BD) Limited, a Bangladesh-Jordan joint venture company, will set up a textile and towel manufacturing industry in the Karnaphuli Export Processing Zone (KEPZ).

This jointly owned company will invest about Taka 49 crore and will produce 76,20,000 kgs of textile/towel items. The company will create employment opportunity for 1528 Bangladeshi and five foreign nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the Messrs Orchid Towels (BD) Limited at BEPZA Complex, Dhaka recently. Member (Investment Promotion) of BEPZA and Chairman of Messrs Orchid Towels (BD) Limited signed the lease agreement on behalf of their respective organisations.

Officials of BEPZA and Messrs Orchid Towels (BD) Limited were present on the occasion.

DBH joins hands with Habitat For Humanity to build housing for poor

Delta Brac Housing Finance Corp Ltd (DBH) joins hands with Habitat For Humanity Int1 Bangladesh (HFHIB) in helping to provide affordable shelter and housing for low income families in the country, says a press release.

Q. M. Shariful Ala, Managing Director of DBH handed over the contribution cheque to Roger Bodary, CEO of Habitat For Humanity during the signing of an agreement at the National Office of HFHI-Bangladesh.

The amount will be utilised by Habitat to cover the cost of building multiple houses for low-income families (i.e, families with average income of around Tk 6,000 per month).

During the agreement period, the focus of cooperation between Habitat and DBH will be to help build low cost but reliable housing solutions at Habitat programme areas through its housing sponsorship programme. DBH employees will also take part in volunteer builds by providing "sweat equity",

Habitat For Humanity is a non-profit international organisation, working in some 100 countries and territories including Bangladesh with a mission to eliminate substandard housing and homelessness providing simple, decent, and affordable shelter for the low-income people of the country.

To achieve its goals, HFHIB works in partnership with individuals, corporations, civic organisations, NGOs, various educational institutions and youth groups for the holistic development of marginalised communities, who in response provide financial support in the form of monetary donations, construction materials, services and volunteer labour.

Being the largest private sector specialist housing finance institution, DBH is operating with the spirit to strengthen the society of the country by continually expanding home ownership through providing home loans to individuals and families to purchase or construct their dream homes,

DBH, under its Corporate Social Responsibility (CSR) programmes, intends to support the improvement of lives of low-income families of the country through cost efficient home building programmes.

DBH envisions in future to be also engaged in helping build homes for the urban poor through slum rehabilitation and other development activities in the sector.

Dominic D' Cruze, Manager, Communications and Customer Management of DBH and Ms Emelda S. Mullick, PR and Resource Development Manager of HFHIB were present, among others.

City Bank to provide financial solution to Rahim Textile Mills

BUSINESS REPORT

The City Bank Limited and Rahim Textile Mills Ltd signed an agreement in Dhaka recently. Under the agreement, The City Bank Ltd will provide comprehensive financial solution to Rahim Textile Mills Ltd.

K. Mahmood Sattar, Managing Director and CEO of The City Bank Ltd and A Matin Chowdhury, Managing Director of Rahim Textile Mills Ltd signed and exchanged the agreement documents on behalf of their respective organisations.

Sohail R. K. Hussain, DMD (Business), Ehsan Khasru, Head of Credit Risk Management, Yousuf Saeed, Head of Corporate and Investment Banking and other officials of the bank were present at the signing ceremony.

City Bank, through its 83 branches spread across the country, offers full range of financial services, covering from corporate banking to structured finance, small and medium enterprise, retail, treasury, international trade, etc. Moreover, City Bank offers Islamic finance products, brokerage services, lease financing facility, etc which distinguishes the bank from other conventional banks.

DSE committee okays listing of Delta BRAC Housing

BUSINESS REPORT

The listing sub-committee of Dhaka Stock Exchange (DSE) approved the application of Delta BRAC Housing Finance Corporation (DBH) on Sunday paving the way of listing on the country's prime bourse.

Delta BRAC Housing, one of the country's largest private housing financing companies, however will get the final approval from the DSE board in a meeting scheduled today (Tuesday).

"The DSE board will also decide the debut trading date of the new issue in the meeting," said a DSE official.

Earlier on April 8, lottery for share allotment of the DBH was held at the Bangladesh-China Friendship Conference Center in the city.

The initial public offering (IPO) of the company was oversubscribed by more than 50 times.

The DBH floated five lakh shares having an offer value of Tk 210 per share with a face value of Tk 100 and premium Tk 110 to raise Tk 105 million from the stock market.

The Securities and Exchange Commission gave the nod for flotation of shares of the DBH in January last.

DBH, incorporated in May 1996, also the country's leading non-banking financial institution (NBFI), provides loans for construction of houses, purchase of flats or houses, extension and improvement of existing houses and purchase of housing plots.

The pre-IPO paid up capital of the company was Tk 220 million and the authorised capital Tk 500 million, the company said in a draft prospectus for IPO. The earning per share (EPS) of the company was Tk 45 in the year ending in June 2006 and Tk 56 to June 2007.

Emirates Hotels & Resorts ventures into serviced apts

On 1st May, Emirates Hotels & Resorts, the premier hospitality management division of Dubai-based Emirates Airline will mark its debut in luxury serviced apartments accommodation with the opening of the Green Lakes Serviced Apartments - its second city-based property closely following the opening of The Harbour Hotel & Residence in November last year.

Located in the Jumeirah Lake Towers precinct, expected to be one of Dubai's most prestigious addresses when completed, the Green Lakes Serviced Apartments. comprising two luxury apartment towers, will be set within a dynamic waterfront community alongside fashionable hotels and leisure and retail outlets.

Enhancing the appeal of the location, the Green Lakes is a stone's throwaway from Dubai's key business and leisure districts. Dubai Media City, Dubai Internet City, Knowledge Village and Jebel Ali Free Zone are easily accessible, and Dubai Marina, the city's most sought-after lifestyle district is also within close proximity. Shopping and recreation centres including the Ibn Battuta Mall, Ski Dubai and Jumeirah Beach are a short drive away.

Green Lakes Serviced Apartments will be surrounded by landscaped gardens and waterways, and will feature 283 tastefully-furnished, modern apartments in a range of one-, two-, and three-room apartments.

Tony Williams, Senior Vice President Resorts & Projects, Emirates Hotels & Resorts noted: "The Green Lakes Serviced Apartments will echo Emirates Hotels & Resorts' core philosophy of providing superior location, personalised service and luxury experiences. It is designed for corporate and leisure travellers on short and extended stays in Dubai. To that extent the apartments are totally fitted and furnished with a full house of top-of-the-range kitchen appliances and well-apportioned living and dining areas."

He added: "Increasingly travellers to Dubai and around the world are seeing great advantages in fully-serviced apartment living, and are hence demanding more than just a hotel room. At very reasonable prices they are able to get spacious and flexible accommodation options. The Green Lakes offers all of this: comfortable and generous living spaces complemented by hotel-standard services. The property offers daily housekeeping service, full reception, concierge, guest relations, security and valet parking services, a state-of-the-art gymnasium and health club with rooftop swimming pool, and an in-house restaurant with room delivery services."

"Our 100-member strong team has undergone extensive training for the past few months, gaining also from their experiences through internship at our sister operation - The Harbour Hotel & Residence."

Following on the success of Counter Culture at The Harbour on Dubai's Marina, the hugely-popular deli-restaurant brand will be extended to the Green Lakes, and will be situated in the main lobby. With a reputation for wide varieties of organic, homemade, and wholesome menus, the innovative restaurant concept has already built up a large clientele.

With many products imported from around the world, following the outlets' 'farm-to-Iork' purchasing, the restaurant's counters will be teeming with a wide selection of salads, sandwiches, pies, quiches, stews, baked potatoes, wraps, breads, premium meat cuts, gourmet cheese, caviar, organic produce, home-made pastas, pastries and pickles. Counter Culture will also provide hotel guests with in-room provisions.

Green Lakes Serviced Apartments is the third in a series of projects launched by Emirates Hotels & Resorts. AI Maha Desert Resort & Spa is recognised internationally for its leadership and contributions to conservation in the region, and is among the Conde Nast Traveller's Top 20-Hotel List; the only Dubai hotel recognised in this category.

The success of Al Maha is being used as the basis for designs and operations in subsequent conservation-focussed properties - the Wolgan Valley Resort & Spa scheduled to open in late 2009 in Australia's Blue Mountains, and at the heart of a World Heritage area. Cap Ternay Resort & Spa in the Seychelles is currently in its design and planning phase, and is promising to shape up as one of the Indian Oceans' best resorts. The Harbour Hotel & Residence is a 52-storey luxurious property located at the gateway entrance to the Dubai Marina.

MTBL recommends 25pc bonus, 5:1 right shares

BUSINESS REPORT

The board of directors of Mutual Trust Bank Limited (MTBL) has recommended 25 per cent bonus share and 5:1 right share (one right share against five existing shares) for its shareholders for the year 2007.

This was decided at the meeting of board of directors of the bank in the city on Saturday.

Chairman of the board of directors of the bank Samson H Chowdhury presided over the meeting. The recommendation is subject to approval at the annual general meeting (AGM), extra-ordinary general meeting (EGM) and Securities and Exchange Commission (SEC).

The meeting decided to hold ninth AGM and 10th EGM of the bank on June 5, 2008 at Bangladesh-China Friendship Conference Centre.

First Security Bank holds workshop on 'Treasury and Fund Management'

First Security Bank Ltd. Training Centre arranged a workshop on 'Treasury and Fund Management' on April 19 at the bank's Head Office in Dhaka.

AAM Zakaria, Managing Director of First Security Bank Ltd, inaugurated the day-long workshop. ATM Nasir Uddin, Executive Director of Bangladesh Bank, attended the workshop as the chief guest. Mofiz Uddin Chowdhury, General Manager and Deboprosad Debnath, Deputy General Manager, Bangladesh Bank Off-sight Supervision Department also attended the workshop as special speakers. Principal of the bank's Training Centre Yusuf Haroon Abedi coordinated the workshop. Deputy Managing Directors, Divisional Head, Executives & other officers of the concerned division of the bank also attended the workshop.

Ninth AGM of BFIC held

BUSINESS REPORT

Bangladesh Finance and Investment Company (BFIC) Limited approved 10 per cent bonus share and 5 per cent cash dividends for its shareholders for the year 2007.

The approval was given at the ninth annual general meeting (AGM) of the company at BDR Darbar Hall in the city Sunday.

Chairman of the board of directors of the company Anwar Hossain presided over the meeting.

A large number of shareholders of the company attended the AGM.

BFIC Vice Chairman Hossain Khaled, Directors and Managing Director GM Salehuddin Ahmed were present on the occasion.

Butterfly showroom opens at Kapasia

An LG-Butterfly showroom has been opened at Kapasia in Gazipur district. MA Mannan, Chairman and Managing Director of Butterfly Marketing Limited, formally inaugurated it.

He said Butterfly Marketing Limited, the most popular electronics home appliances marketing organization, has been setting up showrooms in remote areas of the country with a view to making the electronics appliances available to the doorsteps of the people.

The inaugural ceremony was attended by Mustafizur Rahman Sajid, Director Marketing and Sales, LR Khan, Director, other senior officials and local elites.

Mosharref made chairman of Mercantile Bank

BUSINESS REPORT

Mosharref Hossain, ASM Feroz Alam and Tazneen Aman have been elected chairman, first and second vice-chairmen of Mercantile Bank Limited respectively.

Mosharref Hossain, chairman of Mercantile Bank Limited, was born in 1940 in a respectable Muslim family at Chhagalnaya in Feni district.

He is the chairman of MH Group (MH Traders, Hussain Traders, Eastern Paper House, Feroza and Sons) and also director of Toka Ink (BD) Limited and Iqbal and Sons CNG Filling Station.

ASM Feroz Alam, first vice-chairman of Mercantile Bank Limited, was born in 1960 in a respectable Muslim family of Patuakhali district.

He is the chairman of Eco Inamori Fashions Limited, Managing Director of Bengal Trading and also vice-chairman of Premier Leasing International Limited.

Tazneen Aman, second vice-chairman of Mercantile Bank Limited, is the director of Aman Spinning Mill, Arena Industries Limited and Mousumi Enterprises Limited.

IIBL settles Motor Insurance Claim

Islami Insurance Bangladesh Limited has recently settled the Motor Insurance Claim of Shariful Islam, Financed by Islami Bank Bangladesh Limited, Chowrasta Branch, Gazipur. Md. Zainul Huda, Managing Director, IIBL, handed over the claim cheque to Md. Shariful Islam in presence of Md. Iqbal Karim, DMD & In-charge, Local Office of the company.

LFMEA holds AGM

The 4th Annual General Meeting of Leather goods and Footwear Manufacturers and Exporters Association (LFMEA) of Bangladesh were held recently at the association's office.

Md Saiful Islam, president of the association presided over the meeting. The meeting reviewed the performance of the association of last year and adopted the annual report of the executive committee and audited accounts for the said year. During the year under report, four new companies joined the association. The association endorsed 1919 GSP certificate applications of the member companies during the year as compared to 1764 GSP application of the members praised the various measures taken by the executive committee for expansion of the export market to different countries. The members noted with satisfaction that during the year under report exports amounted to footwear $136 million and leather goods US$11 million making a total of US$147 million which is worth Tk 1022 crore and 33.27 per cent higher than previous year 2006. Target for this year 2008 is US$152 million with a growth of 8 per cent.

IFC encourages health, safety compliance in agribusiness and food processing sectors

IFC, a member of the World Bank Group, has organised a five-day training course for Bangladesh's agribusiness and food processing sectors. The course, which focuses on Hazard Analysis and Critical Control Point (HACCP) and ISO 22000 lead auditor training, will help businesses in the food industry comply with good manufacturing and hygienic practices and adopt international standards.Food safety and public health issues are a global concern, with broad implications for international trade. High-quality food safety management and HACCP or ISO 22000 certifications are essential for Bangladesh to gain access to international markets and become an accepted global player. However, obtaining certification can be a challenge for smaller businesses because of the shortage of service providers who conduct audits and assist in the process.

IFC Advisory Services in the region-the South Asia Enterprise Development Facility- developed the training in response to the growing need for food safety management and environmental compliance in Bangladesh's food industry. The course will help participants identify hazards and critical control measures and undertake productivity-enhancing and quality-improving initiatives.

"IFC recognised the need for food safety management training in Bangladesh early on. The rigorous auditing standards and strict laws governing the agribusiness and food processing sectors have intensified the need for training," said Afifa Raihana, Sustainability Coordinator for IFC-SEDF.

The course was conducted jointly with Quality Institute of America, CME International UK Limited, and URS Bangladesh Limited.